Financial Performance - Net sales for the year ended December 31, 2025 were $2.18 billion, an increase of $319 million, or 17%, from the previous year[127]. - Operating income for the year ended December 31, 2025 was $340.9 million, an increase of $59.5 million, or 21%, from the previous year[127]. - Adjusted EBITDA for the year ended December 31, 2025 was $438.9 million, an increase of $88.3 million, or 25%, from the previous year[127]. - The company achieved a 17% net sales growth in 2025, driven by strong demand for its products and services[126]. - Environmental Solutions Group net sales increased by $280.4 million, or 18%, to $1,837.5 million for the year ended December 31, 2025, compared to $1,557.1 million in 2024[145]. - Safety and Security Systems Group net sales increased by $38.6 million, or 13%, to $343.0 million for the year ended December 31, 2025[152]. - Net income for the year ended December 31, 2025 was $246.6 million, an increase of $30.3 million, or 14%, from the previous year[129]. - Adjusted EBITDA margin for the year ended December 31, 2025 was 20.1%, up from 18.8% in the previous year[140]. Acquisitions and Growth Strategy - In 2025, the Company completed several acquisitions, including Waterblasting, LLC and Scranton Manufacturing Company LLC, enhancing its Environmental Solutions segment[20]. - The company completed 15 acquisitions since 2016, including Hog, New Way, and Kinloch[128]. - Future acquisitions are part of the company's long-term strategy, but there are risks associated with identifying suitable targets and obtaining financing[75]. - Acquisitions may not achieve anticipated revenue and cost benefits, potentially negatively impacting earnings and operational results[76]. - The company may assume unknown liabilities during acquisitions, which could lead to unexpected costs and regulatory exposure[77]. Operational Insights - The Company operates 26 principal manufacturing facilities across five countries, providing products and integrated solutions globally[17]. - The Environmental Solutions Group manufactures a wide range of products, including street sweepers and sewer cleaners, with significant brand recognition in the U.S. market[21]. - Approximately 60% of the Company's workforce of 5,800 employees are U.S. hourly workers, with 8% represented by unions as of December 31, 2025[36]. - The company operates 26 manufacturing facilities across five countries, with approximately 3.0 million square feet dedicated to manufacturing[107]. - The company has established strategic supplier arrangements to mitigate risks related to the availability and pricing of raw materials[29]. Market and Economic Conditions - In 2025, approximately 79% of the company's net sales were generated in the U.S., indicating a heavy reliance on the U.S. economy and municipal government spending[58]. - The company expects a significant portion of its net sales to come from international sales, with 21% of net sales in 2025 attributed to customers outside the U.S.[60]. - Economic downturns may lead to tighter credit markets, adversely affecting customers' ability to secure financing for purchases, potentially resulting in decreased demand for the company's products[64]. - The company operates in highly competitive markets, with competitors having greater financial resources, which may lead to price discounting and margin pressures[65]. - Supply chain disruptions, including shortages in trucking and labor availability, have contributed to delays in receiving manufacturing components and increased transportation costs[69]. Financial Management and Debt - The Company has access to a total principal amount of up to $1.5 billion under the 2025 Credit Agreement, which includes a revolving credit facility of up to $1.1 billion and a term loan facility of up to $400 million[166]. - As of December 31, 2025, the Company had $164.0 million drawn on the Revolver and $400.0 million outstanding under the Term Loan, with $925.3 million of net availability for borrowings[174]. - The Company is subject to financial covenants under the 2025 Credit Agreement, including a net leverage ratio not to exceed 2.75 to 1.00, which it was in compliance with as of December 31, 2025[169]. - The weighted average interest rate on long-term borrowings was 4.8% as of December 31, 2025, which may impact future financing costs[174]. - The Company incurred $4.4 million in new debt issuance costs related to the 2025 Credit Agreement, indicating ongoing investment in financing strategies[173]. Risk Management - The company has experienced high levels of inflation, which could negatively impact expenses such as employee compensation and supply costs[63]. - The company faces risks related to cybersecurity threats, which could compromise sensitive information and adversely affect financial condition and operations[87][89]. - The company is monitoring the impact of the OECD's Pillar Two model rules, which introduce a global minimum corporate tax of 15% effective in certain countries in 2024[58]. - Compliance with environmental regulations is not expected to have a material adverse effect on the company's financial position or cash flow[49]. - The company may increase inventory levels and purchase commitments to mitigate supply chain risks, although there is no assurance that these plans will prevent disruptions[70]. Employee and Workplace Safety - The company emphasizes a holistic total rewards strategy to attract and retain talent, including competitive compensation and benefits[37]. - The company has established a Safety Council to focus on workplace safety, aiming for zero workplace injuries[48]. - The ability to attract and retain key personnel is critical for operational effectiveness, and competition for skilled labor has increased, potentially impacting profit margins[82][83]. Future Outlook and Commitments - The Company anticipates capital expenditures for 2026 to be between $45 million and $55 million, indicating a focus on maintaining operational and financial commitments[177]. - The Company expects to contribute up to $4.6 million to its U.S. defined benefit pension plan in 2026, reflecting ongoing commitments to employee benefits[180]. - Total contractual obligations as of December 31, 2025, amounted to $1,041.9 million, indicating significant future financial commitments[178].

Financial Performance - AFG's gross written premiums for 2025 reached $10,694 million, an increase from $10,533 million in 2024 and $9,656 million in 2023[32]. - The net written premiums for 2025 were $7,110 million, slightly down from $7,139 million in 2024, but up from $6,692 million in 2023[32]. - AFG's combined ratio for 2025 was 91.0%, indicating strong underwriting profitability compared to the industry average of 95.0%[32][28]. - The loss and LAE ratio for 2025 was 62.2%, a decrease from 63.3% in 2024, reflecting improved loss experience[32]. - Total losses from current accident year catastrophes were $137 million in 2025, down from $180 million in 2024 and $162 million in 2023[33]. - AFG's statutory combined ratio averaged 90.5% from 2016 to 2025, outperforming the property and casualty commercial lines industry average of 98.1%[28]. Ratings and Competitive Positioning - The company maintains an "A" category rating by A.M. Best, which is crucial for competitive positioning in the insurance market[24]. Business Model and Growth Strategy - AFG's entrepreneurial business model promotes agility and innovative product design, contributing to a double-digit annual growth in book value per share[18]. - The company focuses on specialty businesses where it has expertise, enhancing its growth opportunities in profitable segments[35]. - AFG has implemented risk-sharing alternatives and innovative coverage options to align interests with customers and distribution partners[35]. Premiums by Segment - The property and transportation segment generated $2,771 million in premiums for 2025, down from $2,846 million in 2024 and up from $2,586 million in 2023[40]. - Specialty casualty premiums remained stable at $3,247 million in 2025, compared to $3,246 million in 2024 and $3,169 million in 2023[40]. - Specialty financial premiums increased to $1,092 million in 2025, up from $1,047 million in 2024 and $937 million in 2023[40]. - California accounted for 12.1% of AFG's direct written premiums in 2025, while Texas contributed 8.3% and Florida 8.0%[42]. Reinsurance and Catastrophe Coverage - AFG's catastrophe reinsurance coverage includes $205 million in excess of a $70 million per event primary retention, renewed in January 2026[49]. - The company has additional catastrophe coverage of $350 million for losses exceeding $275 million through December 31, 2028[50]. - Reinsurance ceded in 2025 was $3,584 million, an increase from $3,394 million in 2024 and $2,964 million in 2023[57]. Reserves and Liabilities - The liability for unpaid losses and LAE reported on a GAAP basis was $15,094 million as of December 31, 2025[59]. - AFG's asbestos and environmental reserves at the end of 2025 were $460 million, down from $494 million in 2024[61]. - AFG's property and casualty insurance segment's asbestos and environmental reserves showed no net change following a comprehensive internal review in 2025[63]. Investment Portfolio - AFG's investment portfolio was valued at $17.18 billion as of December 31, 2025, with an earned yield on fixed maturities of 5.1% for 2025, up from 5.0% in 2024 and 4.7% in 2023[79]. - The total return on AFG's fixed maturities was 7.5% for 2025, compared to 6.2% for 2024 and 7.2% for 2023, slightly below the Bloomberg U.S. Universal Bond Index return of 7.6% for 2025[81]. - 97% of AFG's fixed maturity investments held by its insurance companies had a National Association of Insurance Commissioners designation of 1 or 2, indicating high credit quality[83]. - AFG's investment strategy has been consistent over the years, contributing to strong investment results and effective portfolio risk management[78]. Employee Engagement and Retention - AFG's voluntary employee turnover rate was 8.3% in 2025, with an average employee tenure of 10 years, reflecting positive retention trends[69]. - The company conducted an employee engagement survey in 2024, with 92% participation, revealing that 94% of employees agreed on the quality of products and services provided[70]. - The company maintains a competitive benefits package, including six weeks of paid parental leave and wellness programs to support employee health[73]. - The company employs approximately 8,500 individuals, with 7,700 at Great American Insurance Group, and none covered by collective bargaining agreements[68]. Dividends - AFG's insurance subsidiaries can pay up to approximately $1.08 billion in dividends to shareholders in 2026 without seeking prior regulatory approval[91].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or Commission file number 0-1402 LINCOLN ELECTRIC HOLDINGS, INC. (Exact name of registrant as specified in its charter) Ohio 34-1860551 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 22801 St. Clair Avenue, Cleveland, Ohio 44117 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission file number: 001-12647 OFG Bancorp (Exact name of registrant as specified in its charter) Commonwealth of Puerto Rico 66-0538893 ( ...

Crescent Capital BDC, Inc. Reports Fourth Quarter 2025 Earnings Results; Declares a First Quarter Base Dividend of $0.42 Per Share LOS ANGELES, February 25, 2026 — Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $1.81 per share and net income of $0.93 per share for the year ended December 31, 2025. For the quarter ended December 31, 2025, net investment income and net income per share were $0.45 and $0.23, respectively. Reported net asset value ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 27, 2025. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period of ____ to _____. Commission File No.: 0-22684 UFP INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Michigan 38-1465835 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-08940 ALTRIA GROUP, INC. (Exact name of registrant as specified in its charter) | Virginia | | | 13-3260245 | | --- | --- | --- | --- | | State or other jurisdiction of incorporation or organiz ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-35229 Xylem Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-37557 Penumbra, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-13175 VALERO ENERGY CORPORATION (Exact name of registrant as specified in its charter) (State or othe ...